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Crypto Industry Outlook:
Today we see Bitcoin's second highest daily price ever, and November is already the best month in terms of profits. Bitcoin currently has its second largest trading day in history as BTC / USD hits a new high of $ 19,330 in many years.
The market data gives cause for celebration after Bitcoin broke the $ 19,000 resistance. In the face of rapid gains and the temptation to break all-time highs of $ 20,000, the achievement did not go unnoticed in the BTC figures.
Ryan Selkis, founder of the Messari data resource, noted that on just one day of its existence, Bitcoin trading exceeded $ 19,000. By comparison, the largest cryptocurrency spent 283 days above $ 10,000 - including the longest period in history in 2020.
Meanwhile, Bitcoin has gained more in US dollars than in any other month in its history, the data show. In a tweet on November 24, PlanB analyst emphasized that the last three and a half weeks did not resemble any other period in Bitcoin's life.
The largest cryptocurrency continued to rise Tuesday after the $ 18,000 retested, adding over $ 1,300 to its USD price within 24 hours.
According to PlanB, the performance indicated that Bitcoin was not only breaking records, but would bring even greater profits in the near future. This was due to the Relative Strength Index (RSI) that began to enter the zone signaling a prolonged rise in Bitcoin prices.
Technical Market Outlook:
The BTC/USD pair has broken above 19,000 USD and made a swing high at the level of $19,345. However, the Doji candlestick pattern was made at the top of this rally, so the market might start a local pullback. The nearest technical support is seen at the level of $18,388 and $17,644. Please notice, the momentum is strong and positive as the market approaching the all time high.
Weekly Pivot Points:
WR3 - $23,175
WR2 - $21,060
WR1 - $20,074
Weekly Pivot - $17,904
WS1 - $16,917
WS2 - $14,683
WS3 - $13,761
Trading Recommendations:
Bitcoin is trading close to the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $20,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $15,000 is broken.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
